CBMT(SH:603099) Tai Ping Yang·2024-08-15 07:00Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company has shown significant growth in visitor numbers, with a 28.5% year-on-year increase in total visitors from January to July 2024, reaching 1.664 million [1]. - The company reported a revenue of 254 million yuan for the first half of 2024, a 51.73% increase year-on-year, and a net profit attributable to shareholders of 21.03 million yuan, up 71.70% year-on-year [1]. - The report highlights improvements in gross margin and cost management, with an overall gross margin of 29.43% for the first half of 2024, an increase of 4.21 percentage points year-on-year [1]. Financial Summary - Revenue projections for the company are as follows: 620.43 million yuan in 2024, 752.04 million yuan in 2025, and 864.85 million yuan in 2026, with growth rates of 21.21%, 15.00%, and 21.27% respectively [3]. - Net profit attributable to shareholders is projected to be 138.06 million yuan in 2024, 177.47 million yuan in 2025, and 213.20 million yuan in 2026, with growth rates of 28.55%, 20.13%, and 25.33% respectively [3]. - Earnings per share (EPS) are expected to be 0.67 yuan in 2024, 0.80 yuan in 2025, and 1.00 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 32X, 27X, and 22X [1][3]. Operational Developments - The company has enhanced its transportation services by acquiring a local bus company and participating in ride-hailing operations, improving local transportation networks for visitors [1]. - A management agreement with the controlling shareholder for the Long White Mountain scenic area is expected to generate approximately 13.5 million yuan in revenue from 2024 to 2028 [1].